Asset Managers – Page 320
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Royal London outsources E6.75bn to J P Morgan
UK - Royal London Asset Management is to outsource 4.5 billion pounds (6.75 billion euros) in unit trust fund accounting to J P Morgan Investor Services.
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IBM likely to use new Irish common fund
IRELAND - Computer giant IBM is likely to become one of the first multinational companies to use the common contractual fund (CCF), Ireland’s new tax transparent pooling vehicle, to pool its pension funds’ global equity assets.
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New EU countries need “prudent person” – ADAM
EUROPE – New European Union countries in central and eastern Europe need to lift investment restrictions and implement the “prudent person principle”, Allianz Dresdner Asset Management says.
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Standard Life Investments avoids job cull
UK – Standard Life says it will cut 1,000 jobs – although none will go at its asset management unit Standard Life Investments.
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Austria’s BVP awards convertible bonds to MSIM
AUSTRIA – Austrian multi-employer pension fund BVP Pensionskassen has awarded a 30 million-euro convertible bond mandate to Morgan Stanley Investment Management, a type of investment new to the fund.
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St. James’s awards custody to State Street
UK – St. James's Place, the wealth management firm with eight billion pounds (6.5 billion euros) under management, has awarded State Street Corp. a custody and fund accounting mandate.
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Aviva scheme appoints Nomura for Japanese equity brief
UK – The Norwich Union Aviva Staff Pension Scheme has appointed Nomura Asset Management to manage a Japanese equities brief worth in the region of 100 million pounds (150 million euros).
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Monte Paschi and Hines in Italian property fund tie-up
ITALY- Monte Paschi Asset management SGR, the asset management branch of the bank Monte dei Paschi di Siena has formed an alliance with international real estate manager Hines to create a ‘value-added’ fund for institutional investors called MH Real Estate Crescita.
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Goldman's asset mgmt revenues rise 67%
GLOBAL – Goldman Sachs’ asset management division has posted a 67% rise in revenues in the first quarter.
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Mercer sees rejig of asset management industry
GLOBAL – Consulting firm Mercer Oliver Wyman says the asset management industry should ditch the traditional institutional, retail and high net worth categories and reorganise according to the “professionalism” of investors.
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AP3 invests E38m in new forestry group
SWEDEN – Tredje AP-fonden has bought a 4.9% stake in new Swedish forestry group Bergvik Skog for around 350 million crowns (38 million euros).
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State Street’s new Milan office to target funds
ITALY - State Street has opened an office in Milan with an eye to servicing Italy’s 500 billion euro investment funds industry, as part of its Deutsche Bank securities services deal.
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Citigroup, Mellon sign for new GSAM cash system
EUROPE – Goldman Sachs Asset Management has launched a Europe-wide cash management system, saying that Citigroup, Mellon Global and Invesco have already signed up.
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NAPF: Conference told swaps are the future for pension funds
UK – Delegates at the National Association of Pension Funds (NAPF) conference have been told that most pension schemes will use swaps in the future..
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Consultant says it is first to 'cost' fixed income transactions
GERMANY - A German investment consultant has developed what it claims is the first methodology to measure the overall cost of fixed income transactions
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Real estate manager PRICOA in MBO from Prudential parent
London-based PRICOA Property Investment Management (PPIM) has confirmed that it is in discussion with US parent company Prudential Real Estate Investors about a management buy-out (MBO) of the European operations.
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AIMA launches survey for common hedge fund NAV policy
The UK-based Alternative Investment Management Association (AIMA) is asking hedge funds to take part in a survey to identify a common approach to valuing hedge fund assets and pricing hedge fund net asset values (NAV).
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Stopford promoted to Investec fixed income top slot
UK - Investec Asset Management has promoted the head of its South African fixed income team, John Stopford, to head up the firm’s fixed income business.
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AP3 switches US equity portion to Asia-Pacific region
SWEDEN –Sweden’s third national pension fund, AP3, has reduced the size of its 24.7 billion Kronor (2.6 million euros) US mandate by 2.5% of the total portfolio to boost a 930 million kronor (100 million euros) Asia Pacific exposure.
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MMC sees lower profits for Putnam outside US
US – Marsh & McLennan Cos. has said the non-US operations of its Putnam Investments subsidiary may not be as profitable as its US business.
